670

THE NEW ZEALAND GAZETTE.

[No. 15.

hereby secured shall become immediately due and payable
to the grantee :
2. All moneys owing by the grantor to the grantee at the
date of the execution by the grantor of these presents shall
be included in the said account current, and if the grantor
shall at any time have more than one current account open
with the grantee all the provisions hereof shall apply to all
such current accounts.
3. The interest payable by the grantor upon the balance
for the time being of the said account current shall be at
the rate of 5 per centum per annum, and shall be payable
on all sums properly charged by the grantee to the grantor
on such account from the respective dates upon which the
same shall have been so charged to the grantor in the books
of the grantee. Such interest as aforesaid shall be payable
on the first day of January and July in each and every year.
4. All costs, charges, and expenses incurred by the grantee
in or about the preparation, execution, registration, renewal
of registration, or release of these presents, or of any other
security for the payment of the moneys intended to be
hereby secured or of any part thereof, or in or about the
exercise or enforcement or attempted exercise or enforcement
of any power, right, or remedy conferred upon the
grantee by law or by these presents, or otherwise reasonably
incurred by the grantee owing to default in payment of any
moneys intended to be hereby secured, or the breach of any
covenant on the part of the grantor herein expressed or
implied, or with a view to the protection or preservation of
the property comprised in this security, shall be deemed to
be part of the principal moneys owing under and secured by
these presents, and shall bear interest accordingly, computed
in each case from the time when the same shall be respectively incurred.
5. The books of the grantee shall be prima facie evidence
of the amount for the time being owing on the security of
these presents and of all other particulars entered in such
books, and shall be admissible as evidence accordingly in all
Courts of Justice and before all persons acting judicially.
6. This security shall be deemed to be a running and continuing security irrespective of any sums which may from
time to time be paid to the credit of the account current of
the grantor with the grantee, and, notwithstanding that such
account may appear at any time to be in credit, and notwithstanding any settlement of account, or the release or
discharge of any security or mortgage collateral herewith, or
any other matter or thing whatsoever, so long as any moneys
are owing hereunder by the grantor to the grantee this
security shall remain in full force and effect, and shall not
be deemed to have been released or discharged or in any way
vacated until a memorandum of satisfaction thereof shall
have been executed by the grantee.
7. All moneys received by the grantee on behalf of the
grantor from sales of stock, wool, milk, produce, or chattels
may be appropriated as the grantee may determine towards
the reduction of the indebtedness for the time being of the
grantor to the grantee (including rent and other charges due
and falling due upon the land leased from or held under
security to the grantee by the grantor, and described in the
First Schedule hereto), and the entries in the books of the
grantee shall be conclusive evidence of such appropriation.
8. The grantor will brand and earmark with the registered
brands and earmarks of the grantor aforesaid such of the
pigs, sheep, cattle, and horses mentioned and described in the
First Schedule hereto as are not already so branded and
earmarked, and also all sheep, cattle, and horses which during
the continuance of this security shall be brought by the
grantor upon the lands mentioned in the First Schedule
hereto or upon any other lands that now are or at any time
hereafter shall be the property of or occupied or used by the
grantor, and any other pigs, sheep, cattle, and horses which
shall at any time hereafter belong to the grantor wherever
the same may be depasturing, and also the natural increase
of any of the said pigs, sheep, cattle, and horses. The words
“ will brand ” herein shall have the meaning assigned to them
by statute, with such extension as is hereby given to them.
9. The grantor will not (whether in the ordinary course of
business or not) sell or dispose of or mortgage, charge, or
otherwise encumber the stock and chattels for the time being
comprised in this security or any of them, or remove any of
the same from the lands mentioned in the First Schedule
hereto, without the consent in writing of the grantee first
had and obtained.
10. If any of the pigs, sheep, cattle, or horses hereby assigned
or for the time being subject to this security shall during the
continuance of this security die or be lost the grantor shall
and will forthwith replace the pigs, sheep, horses, or cattle so
dying or lost with other stock of the like nature and of equal
value.
11. The grantor shall maintain and keep the dairy stock
hereby assigned at the best possible standard of efficiency ;
and for that purpose the grantor shall retain annually at
least twenty per centum of the best of the heifer calves
(progeny of such stock), and rear them in accordance with
the best practice of dairy-farming.

12. The grantor will during the continuance of this security render and deliver to the grantee whenever required
    returns in writing setting forth the numbers, ages, sexes, and
    other particulars of the stock, and the particulars and descriptions of all other chattels for the time being bound by
    these presents. And it is hereby declared that the covenant
    implied herein on the part of the grantor to give and afford
    all reasonable assistance to enable the grantee, his agents or
    servants, to view the state and condition of the said stock
    shall be deemed to include a covenant to muster the said
    stock whenever required so to do in the notice to be given
    under the said implied covenant.
13. The grantee shall have the full and absolute power of
    determining the mode and time and place of the sale and
    disposition of all stock, wool, milk, produce, or other chattels
    subject to the provisions of these presents.
14. The grantor will not, without the consent in writing
    of the grantee, give any lien or any other security over the
    wool growing or to grow upon the sheep hereby assigned or
    for the time being subject to this security, or over any of the
    milk, crops, produce, or chattels produced or grown and
    raised upon or on the lands mentioned in the First Schedule
    hereto, or any other lands now or hereafter owned or occupied or used by the grantor, whether worked in conjunction
    with the scheduled lands or otherwise.
15. The grantor will from time to time, when required so
    to do by the grantee, execute and give to the grantee a lien
    or other security in the usual form under the statute relating
    to such matters for the time being in force over the wool
    growing or to grow upon the sheep hereby assigned or for the
    time being subject to this security, or over the milk, produce,
    or chattels mentioned in paragraph 14 hereof, or any of the same,
    with a view to collaterally securing the moneys intended to
    be hereby secured, such lien or other security to be prepared
    by the grantee at the expense of the grantor, and to contain
    such covenants, provisoes, and conditions for the protection
    of the grantee as the grantee shall think fit.
16. The powers conferred by statute upon grantees of
    entering and taking possession of chattels assigned by instruments by way of security, and of shearing the wool
    assigned by instruments by way of security over wool, shall
    be exercisable by the grantee in respect of the stock, wool,
    and other chattels for the time being subject to this security
    at any time whether or not default shall have been made
    by the grantor in the payment of any of the moneys intended
    to be hereby secured, and whether or not any of the other
    events shall have happened upon which any of the said
    powers are made exercisable by statute, and the provision
    implied herein by statute for the retention and use by the
    grantor of the chattels assigned by these presents is hereby
    modified accordingly.
17. If and whenever the grantee shall become entitled to
    exercise the power of sale herein implied the grantee may at
    any time and from time to time, at the expense in all things
    of the grantor, remove the stock and chattels hereby assigned
    or any of them to such place or places as the grantee may
    deem most convenient for the purpose of any sale or resale
    in exercise of the said power of sale.
18. Nothing herein contained shall be deemed to oblige the
    grantee to make any further advances.
19. No delay or omission on the part of the grantee to
    enforce any covenant or exercise any of the powers hereby
    conferred shall be taken to imply a waiver thereof, nor shall
    the grantee be answerable or responsible for any loss which
    may happen in or about the exercise by the grantee or his
    agent of the powers hereby conferred, or any of them, in the
    event or on the occasion or at any time hereinbefore contemplated, or at any time or on any occasion when he may
    reasonably be induced to believe that he is entitled to exercise
    the powers aforesaid.
20. This security and the security or securities mentioned
    in the Second Schedule hereto are held by the grantee as
    collateral securities for the moneys or some part of the
    moneys expressed or intended to be hereby secured.
21. All the covenants, provisoes, agreements, and powers
    directed by statute to be implied either in instruments generally, or in instruments by way of security, or in instruments
    by way of security over stock shall be implied herein, modified only so far as the same or any of them are modified by
    these presents either expressly or by necessary implication.
    And this deed further witnesseth that the grantor doth
    hereby irrevocably while any moneys shall remain owing
    on the security of these presents nominate, constitute, and
    appoint the Commissioner of Crown Lands for the time being
    for the Land District of , or the person who
    shall for the time being be acting as Commissioner of
    Crown Lands for the said district, to be the attorney of
    the grantor for and in the name or otherwise on behalf
    of the grantor to do, execute, and perform all and every
    act, matter, deed, and thing which shall or may be deemed
    necessary or expedient for more fully and perfectly transferring, assigning, and assuring unto the grantee or to any
    purchaser from the grantee under the power of sale herein
    implied all and singular the stock, chattels, brands, wool,